This can be a slippery slope. You will find many exceptions. That said, here is a scaled down version of my proper function.
Example
Select [dbo].[svf-Str-Proper]('john old macdonald ii phd,dds llc')
Reurns
(No column name)
John Old MacDonald II PhD,DDS LLC
The Function if Desired
CREATE FUNCTION [dbo].[svf-Str-Proper] (@S varchar(max))
Returns varchar(max)
As
Begin
Set @S = ' '+replace(replace(Lower(@S),' ',' '),' ',' ')+' '
;with cte1 as (Select * From (Values(' '),('-'),('/'),('\'),('['),('{'),('('),('.'),(','),('&'),(' Mc'),(' Mac'),(' O''') ) A(P))
,cte2 as (Select * From (Values('A'),('B'),('C'),('D'),('E'),('F'),('G'),('H'),('I'),('J'),('K'),('L'),('M')
,('N'),('O'),('P'),('Q'),('R'),('S'),('T'),('U'),('V'),('W'),('X'),('Y'),('Z')
,('LLC'),('PhD'),('MD'),('DDS')
,('II '),('III '),('IV ')
,('ID '),('PW ')
) A(S))
,cte3 as (Select F = Lower(A.P+B.S),T = A.P+B.S From cte1 A Cross Join cte2 B
Union All
Select F = Lower(B.S+A.P),T = B.S+A.P From cte1 A Cross Join cte2 B where A.P in ('&')
)
Select @S = replace(@S,F,T) From cte3
Return rtrim(ltrim(@S))
End